October 18, 2013 / 1:23 PM / 4 years ago

MARKET PULSE- Google, AMD, Anacor, Parker Hannifin, First Horizon

14 Min Read

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Wall Street was set for a higher open on Friday, helped by gains in big companies like Google Inc and Morgan Stanley following their results.

S&P 500 futures rose 4.8 points and were above fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract. Dow Jones industrial average futures rose 30 points and Nasdaq 100 futures added 18.25 points.

** GOOGLE INC, Thursday close $888.79, up 10 pct premarket

The company's quarterly results beat Wall Street's expectations as the Internet search giant expanded its mobile and overseas businesses while keeping ad-rate declines in check.

** ADVANCED MICRO DEVICES INC, Thursday close $4.09, down 5.6 pct premarket

The company posted a 6 percent decline in personal computer chip sales, dampening hopes that its fast-growing gaming-console business can take up the slack.

Brokerage BofA Merrill Lynch cut its rating on the company's stock to "neutral" from "buy," according to Theflyonthewall.com.

** MORGAN STANLEY, Thursday close $28.93, up 3 pct premarket

The company third-quarter revenue jumped 50 percent, helping adjusted earnings beat expectations, as higher income from equities sales and trading made up for a drop in the Wall Street bank and brokerage's fixed-income business.

** GENERAL ELECTRIC CO, Thursday close $24.68, up 2 pct premarket

The company said third-quarter profit and revenue fell, mainly due to its shrinking finance arm and negative effects of foreign currency. However, the U.S. industrial conglomerate posted a record backlog of orders and said six of its seven industrial businesses grew earnings.

** AMAZON.COM INC, Thursday close $310.77, up 2.6 pct premarket

UBS raised its rating on the world's largest online retailer's stock to "buy" from "neutral," citing a reacceleration of its revenue growth in the fourth quarter through strong holiday season sales, growth in its Kindle ecosystem and advertising business.

** ALIMERA SCIENCES INC, Thursday close $2.71, down 38 pct premarket

** PSIVIDA CORP, Thursday close $3.80, down 47 pct premarket

Alimera Sciences said U.S. health regulators declined to approve its eye implant for retinal swelling and indicated the need for a new clinical trial. Alimera licensed the drug from pSivida Corp in 2005.

** ARIAD PHARMACEUTICALS INC, Thursday close $4.50, down 30 pct premarket

The company said it would discontinue a late-stage trial of its blood cancer drug, barely two weeks after the U.S. Food and Drug Administration placed a partial hold on enrollment for all trials testing the drug. The company said it had come to an agreement with the FDA that the trial should be terminated as patients treated with the drug, Iclusig, had developed blood clots in their arteries.

** ALIGN TECHNOLOGY INC, Thursday close $45.93, up 15 pct premarket

The dental products maker's quarterly results beat expectations for the third time in a row due to strong sales of its invisible braces. Shipments of Invisalign braces rose about 16 percent in the third quarter, indicating that more doctors were showing confidence in the product.

** INTUITIVE SURGICAL INC, Thursday close $399.13, down 7.5 pct premarket

The company on Thursday reported a lower third-quarter profit as sales of its high-priced da Vinci surgical robots declined sharply. The company said full-year revenue growth was likely to come in at the lower half of its already slashed forecast range.

** PARKER HANNIFIN, Thursday close $106.82, up 5 pct premarket

The maker of hydraulic and motion control systems for the manufacturing and transport industries posted better-than-expected first-quarter profit and raised its full-year earnings forecast. Parker Hannifin said orders rose 5 percent in the quarter, and it was raising its outlook as it expected a larger-than-expected gain from the GE Aviation joint venture, which would be recorded in the second quarter.

Parker Aerospace, an operating unit of Parker Hannifin, and GE Aviation formed a joint venture in November last year to produce fuel nozzles for GE Aviation commercial engine platforms.

** VERIZON COMMUNICATIONS INC, Thursday close $48.90, up 1 pct premarket

The telecoms company posted higher-than-expected third-quarter earnings and revenue on Thursday, driven by wireless growth.

Deutsche Bank upgraded the company's stock to "buy" from "hold" and two other brokerages raised their price targets.

** ANACOR PHARMACEUTICALS INC, Thursday close $10.77, up 24 pct premarket

** VALEANT PHARMACEUTICALS INTERNATIONAL INC, Thursday close $112

Drugmaker Anacor said it has been awarded $100 million in damages from Valeant in a dispute over an agreement for the development of its topical antifungal treatment for a nail infection. The agreement was between Anacor and Dow Pharmaceuticals Inc, which was acquired by Valeant in 2008. Anacor had alleged breach of contract, misappropriation of trade secrets and unfair competition by Dow Pharmaceuticals.

** HONEYWELL INTERNATIONAL INC, Thursday close $86.74, down 1.5 pct premarket

The U.S. manufacturing conglomerate posted lower-than-expected quarterly revenue and cut its full-year sales forecast, citing delays in closing sales to some customers.

** SCHLUMBERGER LTD, Thursday close $91.43, up 2 pct premarket

The world's largest oilfield services company reported a better-than-expected 20 percent rise in quarterly profit as offshore drilling increased in North America and demand rose from the Middle East and Asia.

** CAPITAL ONE FINANCIAL CORP, Thursday close $72.15, up 1 pct premarket

The company posted a quarterly profit that beat Wall Street estimates after setting aside less money to cover credit card defaults, sending its shares up 2 percent after the bell.

** CHIPOTLE MEXICAN GRILL INC, Thursday close $439.07, up 8 pct premarket

The company on Thursday said better-than-expected sales at established restaurants boosted quarterly profits and signaled it might raise prices in the middle of 2014 to offset higher food costs.

** BAKER HUGHES INC, Thursday close $51.78, up 5 pct premarket

The world's third-largest oilfield services company reported a better-than-expected quarterly profit, driven by strong drilling activity in the Middle East and Asia Pacific.

** TEXTRON INC, Thursday close $27.52, down 5 pct premarket

The company reported a 31 percent fall in quarterly profit from continuing operations due to sluggish sales of its jets as small business owners delay spending in an uncertain U.S. economy.

** FIRST HORIZON NATIONAL CORP, Thursday close $11.44, down 5 pct premarket

The bank reported a third-quarter loss of 45 cents per share. Analysts were expecting a profit of 18 cents per share, according to Thomson Reuters I/B/E/S. The bank recorded lower net interest income in the quarter and non-interest expenses rose 65 percent to $433.5 million.

** INGERSOLL-RAND PLC, Thursday close $63.52

The maker of Trane air conditioners and Thermo King refrigeration units reported better-than-expected quarterly results, helped by a rebound in the U.S. housing market.

** OCCIDENTAL PETROLEUM CORP, Thursday close $98.08, up 1 pct premarket

The oil and gas company will look to sell a minority stake in its Middle East and North African operations and said it would consider options for some of its oil and gas assets in the Rocky Mountain region.

** JINKOSOLAR HOLDING CO LTD, Thursday close $26, up 4 pct premarket

The Chinese solar panel maker said it would develop a 120 megawatt distributed photo voltaic power plant in Electromechanical Industrial Park in Zhenjiang New Area in China's Jiangsu province in three years. With a total investment of more than 1 billion yuan ($164 million), the project will be the largest distributed PV power plant in China, the company said.

** SUNTRUST BANKS INC, Thursday close $34.03, down 2 pct premarket

The bank's third-quarter profit fell 82 percent as it posted higher expenses resulting from a recent settlement agreement. The bank's net interest margin narrowed to 3.19 percent in the quarter from 3.38 percent a year earlier and 3.25 percent in the second quarter.

** ACACIA RESEARCH CORP, Thursday close $19.62, down 13 pct after market

The company, which buys and licenses patent rights to various technologies, reported lower-than-expected quarterly results as it was unable to close deals at the right price.

The company could not get the right price for the licensing of its patents, Chief Executive Matthew Vella told analysts on a post-earnings conference call.

** IBM CORP, Thursday close $174.83, up 0.5 pct premarket

The company has reassigned the head of its growth markets unit, a source with knowledge of the move said, after the company reported a surprisingly steep drop in quarterly hardware sales in China on Thursday. James Bramante's reassignment was first flagged during the company's conference call on Wednesday, when Chief Financial Officer Mark Loughridge said sales chief Bruno Di Leo would be taking over at the unit, which oversees growth markets for the company.

** FORD MOTOR CO, Thursday close $17.46, up 0.2 pct premarket

The company's Chief Executive Alan Mulally repeatedly declined to dismiss reports that he was approached to run Boeing Co or Microsoft Corp, and neither would he confirm speculation to that effect. "I love serving Ford" was Mulally's repeated comment on the sidelines of an auto conference in the central Chinese city of Wuhan, when asked if he had been approached either directly or indirectly to lead either of those companies.

** BLACKBERRY LTD, Thursday close $8.20, up 2.4 pct premarket

Chinese computer maker Lenovo, which has signed a non-disclosure deal to examine BlackBerry Ltd's books, faces regulatory obstacles if it bids for all of the company and will likely pursue just parts, a source familiar with the matter said on Thursday.

** CEPHEID, Thursday close $38.47, up 7 pct after market

The molecular diagnostics company reported a 24 percent rise in third-quarter revenue to $100.1 million, beating Street estimates of $93.9 million, as demand grew for its diagnostic products, including the GeneXpert system. California-based Cepheid also raised its full-year revenue outlook.

** GOLDMAN SACHS GROUP INC, Thursday close $158.32

The company's bond-trading revenue plunged in the third quarter, and the bank slashed employee compensation costs by 35 percent, an unusual step that signals its concern about performance for the rest of the year.

** BLACKSTONE GROUP LP, Thursday close $27.25

Brixmor Property Group Inc, a shopping center company owned by the company and Blackstone's first property company to become publicly traded, could raise more $905.6 million in its initial public offering and value the company at more than $4.7 billion, according to a regulatory filing on Thursday.

** BANK OF AMERICA, Thursday close $14.66, up 0.6 pct

The company is considering a plan to introduce a checking account that curbs overdraft practices, the Wall Street Journal said, citing people familiar with the bank's strategy. The bank's plan will not allow customers to overdraw their balances at an automated teller machine or when making an automatic bill payment, the Journal said.

** WELLS FARGO & CO, Thursday close $14.66

The largest U.S. mortgage lender is laying off 925 employees in its home loan unit as rising rates cut into demand for refinancing. The San Francisco bank provided a 60-day notice on Wednesday to the workers whose jobs will be eliminated nationwide, a spokesman said in a statement.

** TRANSCANADA CORP, Thursday close $44.08

The company resumed gas deliveries to most industrial customers late on Thursday after an earlier pipeline rupture in northern Alberta left some Canadian oil producers scrambling to scale back production.

** TESORO LOGISTICS LP, Thursday close $54.10

The company detected anomalies during an inspection of its 20-year-old North Dakota pipeline just days before the line ruptured and spilled 20,600 barrels of oil onto farmland, the company said on Thursday.

** LAS VEGAS SANDS CORP, Thursday close $70.97, up 0.3 pct premarket

The casino operator, owned by billionaire Sheldon Adelson, on Thursday posted better-than-expected third-quarter earnings, boosted by positive trends at its Macau and Singapore operations.

** BOSTON SCIENTIFIC CORP, Thursday close $12.38

The company agreed to pay $30 million to settle allegations that the Guidant unit it acquired in 2006 knowingly sold defective heart devices implanted in Medicare patients, the U.S. Justice Department said on Thursday.

** BOEING CO, Thursday close $122.29

The company is still very much engaged with South Korea over the possible sale of F-15 fighter jets, despite Seoul's move last month to restart a multibillion-dollar tender process, a senior Boeing executive told Reuters on Thursday.

** CALLON PETROLEUM CO, Thursday close $6.59

At least three brokerages raised their price target on the oil and gas company's stock after it announced on Thursday a sale of its offshore properties to W&T Offshore Inc for $100 million. (Compiled by Sneha Banerjee in Bangalore; Editing by Kirti Pandey)

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